TECHNICAL ANALYSIS

The US dollar continues to decline


Dollar trades near lows against major currencies

The US dollar continued to decline as negotiations began in New York. The US dollar was the weakest currency as the New York session entered and continued this downward movement during the early hours of trading. Looking at the rankings of the strongest of the weakest, the GBP remains the strongest as the USD extends its downward movement against major currencies.

Dollar trades near lows against major currencies
Looking at the high to low changes for the day, the greenback is near the extremes against all the majors. GBP is the biggest driver with a gain of 119 pips (higher GBP / lower USD). USDJPY is down -70 pips (USD lower / JPY higher). USDCAD was virtually unchanged at the start of the New York session, but is now trading -27 pips.
Ranges and changes for major currency pairs
Some movements to note:
  • EURUSD has just broken above the next target resistance at 1.2164. The pair traded up to 1.21721
  • GBPUSD recently broke its 2020 high price at 1.3482. The highest has just reached 1.3489. The 2019 high price stands at 1.35139 and is the next higher target.
  • USDJPY came down to a low of 103.665. The November 18 swing low target is 103.646
  • The NZDUSD expanded to the 0.71036 level. This is the highest level since April 25, 2018
  • USDCAD dropped to lowest level since October 2018
  • AUDUSD is trading at its highest level since August 9th.

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